HomeMy WebLinkAbout11-08-2016 Certificate of Acceptance for 876 HumbertGtTY U�
4
IS 0
DATE:
SUBJECT:
FROM
mEmouanbum
November 8, 2016
Execute Certificate of Acceptance for City Purchase of 867 Humbert
Jenny Wiseman, Acting Housing Programs Manager
Please review and execute the attached Certificate of Acceptance which allows the City to purchase
an affordable housing unit located at 867 Humbert Avenue.
BACKGROUND
In August 2016, the City found the owner of 867 Humbert (Colby Bridges) in default under the
Equity Share Agreement, the Note, and Deed of Trust for failing to occupy the Property as his sole
principal place of residence and for renting the property to a third party.
On October 4, 2016, the City Council authorized the City to enter into a settlement agreement to
purchase the unit from Mr. Bridges for an amount not to exceed $300,000 to avoid the City
foreclosing on the unit. The Planning Commission found the purchase to be in conformance with
the General Plan on October 12, 2016.
On October 18, 2016, the Council then allocated up to $300,000 in Affordable Housing Funds to
purchase 867 Humbert and then re -sell the unit to a new, moderate income household. As of today,
four eligible households are on the waiting list and a lottery will be held shortly to determine a
buyer.
Escrow is slated to close on Thursday, November 10th. The attached Certificate of Acceptance
authorizes the City to purchase the unit and will be attached to the Grant Deed. Council authorized
the City Manager to execute all other documents required for escrow to close.
Attached: Certificate of Acceptance for City Purchase of 867 Humbert
CERTIFICATE OF ACCEPTANCE
This is to certify that the City of San Luis Obispo hereby accepts for public purpose the
real property, or interest therein, described in the Grant Deed from Colby L. Bridges, Grantor
therein, to the City, Grantee therein, and consents to the recordation thereof.
In Witness Whereof, I have hereunto set my hand this q-�k day ofNvrve-rkbtL,
2016.
Dated:
ATTEST:
By:LhAL�-C
Gallagher, City Clerk
APPROVED AS TO FORM:
Il m
J. ri istine Dietrick, City Attorney
Cit of San Luis Obispo
3
CITY OF SAN LUIS OBISPO
By:
Jan Marx- ! aynr